Is Yellen Succeeding in Her Lobbying Efforts?

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Nov. 7 (Bloomberg) -- Peter Cook reports o Janet Yellen's progress to become Fed Chairman on Bloomberg Television's "Market Makers." (Source: Bloomberg)

Janet yellen is working the halls of congress this week.

Yellen is meeting privately with senators who will decide whether she ends up running the fed or not.

Peter cook has the latest on yellen's lobbying efforts.

How is she doing?

Pretty well.

She has met with a handful of democrats and republicans, members of the senate bank committee.

The first senators who will decide her fate on capitol hill.

All the democrats have offered her strong praise, left those meetings saying they will support her nomination with a few exceptions.

Joe manchin was a little equivocal on that.

Meetings with republicans have gone pretty well as well.

Other republicans have held off saying one way or the other, saying they want to hear what she has to say in the confirmation hearing.

That bodes well for her ultimate confirmation.

If you're not saying no, it means they're at least on the fence.

David wehner is a conservative, and says, looks like she will get 60 votes, but it's not quite a done deal yet.

Every person would say right now that she almost certainly gets that, but were going to have a discussion and were going to see.

This discussion in committee can be very important about key issues, including too big to fail.

He told me his big issue is not only monetary policy, but her views towards too big to fail.

He is pushing to drive capital standards for banks even higher.

Looks like she will get the 60 votes, barring surprise of that confirmation hearing.

Given the fact that people view janet yellen as somebody who is inclined to continue using monetary policy to support the economy, does it help her that the government has been having so much trouble coming to agreement over the budget and debt ceiling, and that there is this perception it is having a negative effect on the economy and such that maybe the fed will have to keep his foot on the gas pedal?

I'm sure that is one of the justifications she's using.

In the meeting with vitter i asked him, did she try to defend quantitative easing?

He said that she absolutely did.

He's not convinced the benefits outweigh the risk, particularly inflation, but he said that she stood her ground on that.

The fact that the government continues to have problems on the fiscal side is one of the justifications that ben bernanke has used, also that janet yellen has put forward.

She would like for congress and the administration to get its act together on fiscal policy, because then maybe they can get back to a more normal policy.

Where is janet yellen likely to me the most resistance?

It will be on quantitative easing.

Republicans on the senate banking committee, even some democrats are worried that it has simply gone on for too long, there is too much risk, risk of imbalances are out there.

As we heard from senator vitter, there are democrats and republicans worried about regulation, worried about too big to fail.

Don't be surprised to hear her on the defensive about that, and under pressure to go even further when she becomes, if she becomes fed chairman.

Today may be twitter day, but

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change